Skandia platform posts £11m loss as RDR costs bite

Skandia Investment Solutions, one of the UK's largest platforms, made a loss of £11m in 2011 as the cost of preparing for RDR impacted the business.

The platform - which includes Skandia MultiFUNDS, the group's ISA and unit trust arm, as well as Skandia MultiFUNDS Assurance - reported a total pre-tax loss of £11.4m, although this had narrowed from 2010's loss of £15m. Meanwhile, parent company Old Mutual invested a further £29m into the platform in 2011, down from £52.5m the previous year. Skandia MultiFUNDS reported a loss before tax of £6.5m, an improvement on the £10.3m loss in 2010. Meanwhile the platform's life and pensions business posted a loss of £4.85m, compared to the £4.7m loss it suffered in 2010. Skandia's direc...